The workflow management system market is expected to grow from USD 3.51 Billion in 2016 to USD 9.87 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.0% during the forecast period.

The increased focus on streamlining business processes, achieving cost efficiency through workflow management, and increased access to information is driving the workflow management system market across all regions.

The workflow management system market is segmented by component (software and services), deployment type, industry vertical, and region. In the component segment, the service segment is observing great opportunities and importance among the end users due to the increase in IT consulting services. Moreover, in terms of software, suite-based workflow systems software segment is expected to grow at the highest CAGR during the forecast period, as it offers a suite of integrated office applications, such as spreadsheet, word processor, email, and presentation.

The cloud deployment type is expected to grow at the highest CAGR during the forecast period. The cloud deployment type is also projected to witness the highest demand due to increased cost reduction as compared to on-premises software deployment, as cloud deployed workflow management system software helps the customers to maintain flexibility, as well as, enjoy real-time access to data regardless of the location of the employees.

The workflow management system software has been deployed across various industry verticals, such as Banking, Financial Services, and Insurance (BFSI); public sector; healthcare; energy & utilities; retail: IT & telecom; travel & hospitality; transportation & logistics; and education.

The IT and telecom vertical is expected to witness the highest CAGR during the forecast period, as the enhanced competitive landscape of the telecom sector in the emerging nations calls for robust workflow management solutions that provide competitive advantage by streamlining back-office processes and procedures to better serve the customers. However, BFSI is estimated to have the largest market size in 2016, as BFSI companies have the need to digitalize large number of files and other physical documents. The workflow management system enables banks to automate various activities, such as loan approval, document management, and loan management.